alt Hacker NewsSorry, but I don't care what other people think. It's my money and I'm careful with it.
The entire credit card industry is set up to squeeze out as much profit from people as possible. They offer discounts as an incentive, but it is a huge trap that many, many people fall into. I'm not interested in risk. I'm interested in simplicity.
It's participating in the credit card industry that is foolish.
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I completely get where you're coming from, but credit cards are a tool, and you can came out way ahead using them properly. For starters, they are key to having a good credit rating, which opens a lot of doors - maintain 3 open cards, pay off the full balance every month, and keep those accounts open for 10+ years. Big lift.
Second, never use a card with an annual fee.
Third, which I already said, but bears repeating: pay off the full balance every month.
Fourth, look out for one good rewards card and funnel expenses through it, so you can get the rewards.
My parents taught me all of this 40 years ago, and it was exceptional advice, and has served me (and my family) very well.
Credit cards are not about carrying debt. They are the worst tool for that.
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For people who only spend what they have, what is the risk? I don't accrue credit card debt, never have, so I've enjoyed a 2-3% discount on my entire spending history. Over lifetime that will probably amount to a couple of vacations.